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Danish issuers will have to wait for secondary legislation for full legal certainty regarding the Prospectus Directive. By Steen Jensen

The government of India has raised the existing investment limit of foreign direct investment (FDI) from 74% to 100% in Indian publications publishing non-news material in scientific, technical and specialty magazines or periodicals and journals. No substantive definition of technical and specialty magazines has been provided, so the government is likely to grant clearances on a case-by-case basis.

Louisa Gault assesses 2005's most complex international equity offering so far

The SEC's report on Titan could stimulate securities litigation, but adding a simple clause to proxy statements should defuse the risk to companies. By David Bernstein

Zhu Hong Chao and James Chen of Shanghai United Law Firm compare the various Chinese courts' interpretations of company law regarding derivative action

Wang Ling and Fred Chang of King & Wood highlight the issues that Chinese banks and their foreign strategic investors alike have to face before, and even more importantly, after closing

Australia and New Zealand are seeking closer integration between their banking systems, but concerns that the New Zealand banking system could be vulnerable in a financial crisis are proving a tough obstacle. By Ross Pennington and Sarah Raudkivi

The Netherlands is amending the rules that govern Dutch limited companies (besloten vennootschappen). The aim is to have more flexible rules, in line with today's practice. The reform will take place in three different stages. In March 2005, Dutch practitioners handed in their points of view on the first consultation document, which was distributed by the Ministry of Justice.

The Korea Federation of Banks (KFB), a trade association representing the interests of the Korean banking industry, has amended its Guidelines Concerning Management and Sale of Capital Stock Acquired by Creditor Financial Institutions by way of Debt-to-Equity Swap (the KFB Guidelines) to enhance the level of transparency during the sale of restructured companies. The amended KFB Guidelines, to which all banks in Korea are bound, took effect as of June 3 2005 and will apply to the up-coming sale of restructured companies.

Islamic finance has grown exponentially in recent years. Now many believe securitization is the next financing method to be adapted to comply with Islamic law. By Tamara Box and Mohammed Asaria